Great work by
@noveleader and
@castle_labs mapping out the fixed-rate credit landscape.
Glad to see IRIS featured alongside
@Morpho,
@TenorFinance and
@term_labs.
It was also helpful organizing our thoughts on what the minimal viable unit of lending market is :
"A lending market performs two jobs that are distinct. It gathers capital, decides how much of it may be at risk, and holds it (the liquidity layer). It also takes a borrower with a capital need and turns that need into a loan on stated terms (an origination layer). Strip out the liquidity layer and you have borrowers stating what they need, a party setting the terms and standing behind them, and capital drawn from somewhere else...
Origination without a liquidity layer is a lending market carrying a funding dependency. A liquidity layer without origination is a fund."